Global equities performed positively during the week on the back of steady progress in economic indicators and drop in new COVID-19 cases in the US. European markets also closed higher during the week amid improving macroeconomic data, while China closed broadly unchanged as the latest data indicates that the pace of recovery is cooling off.
Oil markets closed higher by 0.90% during the week, extending the monthly gains to 3.46%. Improving economic data and rising investor optimism pushed oil prices higher, despite the downward revisions in oil demand forecasts by both the IEA and OPEC.
In the MENA region, equity markets continued the positive momentum amid rising investor optimism globally and higher oil prices during the week. Notably, 6 out of the 7 regional indexes closed in green, and Oman was the only index to close in red with losses of 0.08%. Saudi Arabia was the best performing index regionally with gains of 2.72%, followed by 2.27% in Dubai, 1.74% in Bahrain, and 1.17% in Egypt.
Going forward, equity markets are expected to remain in the positive territory but market rotation might be witnessed after nearing an all-time high in S&P 500 during the week. For the region, investor sentiment is likely to remain optimistic over improving prospects in the oil market, as well as hopes for a quicker recovery as MENA governments continue to support their economies through stimulus packages aimed at individuals, businesses, corporates, and the banking sector.
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About Allied Investment Partners PJSC
Established in 2007, Allied Investment Partners PJSC is licensed by Securities and Commodities Authority, UAE and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.
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